Mad Max, Inc. deposited $3,100 in a bank account that pays annual rate of 4%. How many years would it take for the deposit to grow to $3,750 if the interest is compounded semiannually?
It would take the account... View the full answer
Sign up to view the full answer
Future value (FV) is $3,750; present value (PV) is $3,100; semiannual rate (r) is 4%/2= 2% and... View the full answer